London Government Act 1963

28 (1) If the whole of the amount authorised by an annual money Act to be expended for any authorised purpose in the first twelve or last six months of the relevant financial period aforesaid is not required to be so expended, the Council may with the approval of the Treasury expend for any other authorised purpose in those twelve or, as the case may be, six months (in addition to the amount authorised in relation to that other purpose) an amount not exceeding the unexpended portion of the first-mentioned amount.

(2) If by reason of unforeseen circumstances the amount authorised by an annual money Act to be expended for any authorised purpose in the first twelve or last six months of the relevant financial period aforesaid is found to be insufficient, the Treasury may on the application of the Council authorise the Council to expend for that purpose such further sums as it is shown to the satisfaction of the Treasury to be necessary or desirable for the Council so to expend, not exceeding in the aggregate such amount as may be authorised in that behalf by that Act in relation to those twelve or, as the case may be, six months.

(3) In ascertaining for the purposes of paragraph 26(2) or 27(3) of this Schedule the amount which may be expended for any authorised purpose in the last six months of the financial period aforesaid to which an annual money Act relates, there shall be taken into account the extent to which the sum authorised to be expended for that purpose in the first twelve months of that period has been expended under sub-paragraph (1) of this paragraph for any other authorised purpose.

(4) The provisions of paragraph 27(6) to (8) of this Schedule shall apply to any loan under this paragraph as they apply to any loan under that paragraph.

(5) In this paragraph references in connection with an annual money Act to expenditure for an authorised purpose are references to expenditure—

(a) on capital account for a purpose mentioned in that Act; or

(b) on loans to persons of a class either mentioned in paragraph 27(2)(a) to (f) of this Schedule or specified in that Act.